Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
Regulated utilities and infrastructure issuers offer longdated, cashflowvisible credit, and every name on this screen still yields at least 7.5% to worst, which makes the theme a compelling source of carry for fixedincome portfolios. Mexico dominates the list. CFE's 6.125% 2045 yields 7.72% and its 6.264% 2052 yields 7.76%, while BBBrated IENOVA's 4.875% 2048 offers 7.52% at a discounted price of 72.155. Relative value is most visible at the long end and in lowerrated paper. BRKHEC's BBrated 2055 yields 7.88%, only about 11bp above CFE's BBBrated 2052, so the extra credit risk is compensated only modestly. Colombia's EEPPME 2031 yields 7.54% with far less duration, offering a useful counterpoint for investors who want yield with shorter maturity exposure.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PacifiCorp. | …DF26 | 7.375 | 7.875 | 98.4625 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 2 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.763 | 83.5 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 3 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.718 | 84.4 | 2045-06-16 | BBB | USD | 602MM | |
| 4 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.69 | 67.1 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 5 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.67 | 82.9 | 2042-02-14 | BBB | USD | 510MM | |
| 6 | Banco Actinver SA | …AA88 | 7.25 | 7.627 | 96.75 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
| 7 | Infraestructura Energetica Nova Sapi De CV | …AC23 | 4.75 | 7.557 | 69.026 | 2051-01-15 | 2050-07-15 | BBB | USD | 800MM |
| 8 | Empresas Publicas de Medellin | …BC09 | 4.375 | 7.543 | 88.63782 | 2031-02-15 | 2030-11-15 | Inv Grade 4 | USD | 575MM |
| 9 | Infraestructura Energetica Nova Sapi De CV | …AB40 | 4.875 | 7.524 | 72.155 | 2048-01-14 | 2047-07-14 | BBB | USD | 539MM |
| 10 | Buffalo Energy Mexico Holding S A De C V | …AA09 | 7.875 | 7.52 | 102.7633333 | 2039-02-15 | 2038-11-15 | BBB *- | USD | 521MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.